Year-Over-Year Illinois Foreclosure Rate Falls

November 11, 2010

Illinois has the ninth highest foreclosure rate in the country, so the city of Chicago is holding a foreclosure prevention event this Saturday to try to help some people out.

RealtyTrac, an online marketplace for foreclosures, released its October U.S. Foreclosure Market Report to show that there were 16,969 foreclosure filings in Illinois last month. That accounts for approximately 5 percent of the national total.

One in every 311 Illinois homeowners received some sort of foreclosure filing in October, a 7 percent increase from September.

The good news is that year-over-year foreclosure filings were down: Illinois’ October numbers were 15 percent lower than the amount of filings reported at the same time last year.

The Top 10 State Foreclosure Rates for October:

1. Nevada: One in every 79 homes received a foreclosure filing

2. Florida: One in every 155 homes

3. Arizona: One in every 165

4. California: One in every 201

5. Michigan: One in every 235

6. Utah: One in every 259

7. Georgia: One in every 271

8. Idaho: One in every 279

9. Illinois: One in every 311

10. Colorado: One in every 374

One in every 79. Can you imagine?

The City of Chicago is hosting a Borrower’s Outreach Day this Saturday, November 13, when Chicago area homeowners can meet with lenders, credit counselors and lawyers to get free advice and options for their mortgage situations.

Another Borrower Outreach Day will take place on Saturday, December 11 from 9:30 a.m. to 2 p.m. at Corliss High School, 821 E. 103rd Street, Chicago.

What: Borrower Outreach Day

When: Saturday, November 13; 9:30 a.m. to 2 p.m.

Where: Wells Community Academy High School, 9376 N. Ashland, Chicago

Register: You must register by calling the Department of Community Development at (312) 744-3653